Apple to invest $350 b in US in 5 yrs

Apple has announced that it will invest and spend about $350 billion in the US in the next five years creating some 20,000 jobs in the country.

Already the largest US taxpayer, Apple anticipates repatriation tax payments of approximately $38 billion as required by the recent changes to the tax law.

A payment of that size would likely be the largest of its kind ever made, the Silicon Valley-based company said in a statement. "Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy," Apple CEO Tim Cook said.

"We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible," he said in a statement.

According to a company statement, Apple plans to establish a new campus in a new location, which will initially house technical support for customers. The location of this new facility will be announced later in the year.

Apple expects to invest over $30 billion in capital expenditures in the US over the next five years and create over 20,000 new jobs through hiring at existing campuses and opening a new one.

Apple already employs 84,000 people in all 50 states.

More than $10 billion of Apple's expanded capital expenditures will be investments in data centres across the US.

Over the last decade, Apple has invested billions of dollars in data centers and co-located facilities in seven US states, including North Carolina, Oregon, Nevada, Arizona, and a recently announced project in Iowa.